Tariffs, Trade, and What We’re Watching
Trade policy has moved to the center of the economic conversation, and with good reason. The tariff increases announced in early 2025, and the ongoing negotiations that followed, represent a meaningful shift in the cost structure facing many U.S. businesses. We want to explain how we think about this environment, what it means for our portfolio decisions, and where we think the real risks lie. What Tariffs Actually Do A tariff is a tax on imported goods. The company importing those goods pays the tariff, and depending on the competitive dynamics of their market, they may pass some or all [...]
Letter to My Daughters: On Patience
I want to talk to you about patience, specifically, patience as an investor. It may be the single most important quality you can develop, and it is also the one that most people, even smart people, find almost impossible to maintain. The problem is that patience is invisible. When you are being patient, nothing appears to be happening. And in a world where something is always happening--markets moving, headlines rolling, financial commentators confidently explaining what it all means--doing nothing feels like failure. It isn't. Why Patience Is Hard Human beings are wired for action. When something feels wrong (a market [...]